North Dakota Century Code Title 6. Banks and Banking § 6-09.9-05. Interest buydown

1. There is hereby established an interest rate buydown fund to be maintained by the industrial commission at the Bank of North Dakota.

2. The industrial commission may buy down or reduce the interest paid by a farmer or agribusiness on the Bank's portion of the participation operating loans by up to an additional five percentage points a year below the amount provided in section 6-09.9-03.

3. Any interest buydown provided under this section must be repaid by the farmer or agribusiness not later than July 1, 1991, under terms approved by the Bank of North Dakota and pursuant to rules adopted by the industrial commission. Money collected under this subsection must be deposited in the fire and tornado fund in the state treasury.